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本文由半导体产业纵横（ID：ICVIEWS）编译自futuremarketinsights 2025年至2030年间，美国数据中心CPU的需求预计将稳步增长，从52亿美元增至56亿美元。 美国数据中心CPU的需求预计将从2025年的52亿美元增长到2035年的106亿美元，复合年增长率（CAGR）为7.4%。数据中心CPU是数据中心的关键组 件，为企业和云服务提供商提供管理大规模数据存储、处理和传输所需的计算能力。随着云计算、大数据和人工智能驱动型应用的需求持续增长，对高性 能CPU的需求将显著上升。为支持不断增长的互联网流量、企业计算和边缘计算，数据中心的扩张也进一步推动了对高性能数据中心CPU的需求。 2025年至2030年间，美国数据中心CPU的需求预计将稳步增长，从52亿美元增至56亿美元。这一阶段的增长将呈现温和加速，主要得益于云服务和数据存 储基础设施的持续扩张。随着企业加大对数据中心硬件升级和云计算能力优化的投资，需求将持续稳步增长。随着企业转向更具可扩展性和高效性的计算 解决方案，对高性能CPU的需求将稳步上升，从而满足日益增长的云存储、大数据处理和企业计算需求。 从2030年到2035年，数 ...

德国悄然启动了自欧盟芯片法案生效以来影响最为深远的半导体领域资助计划之一。该计划最初 旨在部分支持英特尔位于马格德堡、耗资300亿欧元（约合348亿美元）的巨型晶圆厂项目，该项 目此前已延期多年。如今，数十亿欧元的联邦和州政府资金正被重新分配到一系列多元化的技术 项目中，涵盖从德累斯顿的成熟节点产能到慕尼黑的基于量子传感器的计量设备等各个方面。 促成此次变革的导火索是2024年底德国联邦政府发布的欧盟芯片法案项目招标公告。此前，德国 从未在其半导体政策中使用过这一机制。在此之前，包括英飞凌的功率半导体扩张、ESMC在德 累斯顿的项目、Wolfspeed在萨尔州的项目以及英特尔自身在内的重大项目，都是通过直接谈判 而非公开招标的方式达成的。德国首次启动了这一结构化的招标流程，旨在加速高优先级的微电 子投资，并防止专项半导体资金被挪用于联邦预算中其他无关的领域。 Silicon Saxony 的总经理 Frank Bösenberg 认为，英特尔的拖延起到了决定性作用。他在接受 EE Times 的采访时表示："当时英特尔似乎并没有全力以赴。项目还没有取消，只是延期了。所 以，我猜他们的动机是想尽快完成一些工作， ...

然而，随着芯片服务提供商加速自主研发ASIC芯片以满足更复杂的功能需求，其对封装尺寸的 要求也大幅增长。因此，一些芯片服务提供商正在考虑从台积电的CoWoS芯片转向英特尔的 EMIB芯片。 TrendForce指出，CoWoS技术通过中介层将计算逻辑、内存和I/O芯片连接起来，并将这些芯片 安 装 在 基 板 上 。 该 技 术 已 扩 展 到 包 括 CoWoS-S 、 CoWoS-R 和 CoWoS-L 。 随 着 NVIDIA 的 Blackwell平台在2025年接近量产，市场需求正迅速转向CoWoS-L，因为它将硅中介层集成到了 封装中。预计随着NVIDIA即将推出的Rubin架构的推出，这一趋势还将继续，Rubin架构将采用 更大的光罩尺寸。 人工智能/高性能计算需求的增长导致了CoWoS技术的重大瓶颈，包括产能短缺、光罩尺寸限制 和制造成本上升。TrendForce观察到，大部分CoWoS产能已被NVIDIA GPU占用，其他客户的 选择十分有限。 此外，对更大封装尺寸的需求不断增长以及美国本地化要求，促使谷歌和 Meta 等北美主要 CSP 与英特尔合作，共同采用 EMIB。 英特尔的EMIB ...

英特尔周二股价大涨8.6%，全因天风国际分析师郭明錤在X平台放出消息：英特尔最快2027年初将替苹果生产MacBook Air与iPad Pro的M系列晶片。若成 真，不只意味英特尔久违地拿到「大客户」，也像是市场向它递出一张信任补票。 英特尔近年代工业务颇为冷清，上季营收42亿美元，远低于自家产品的127亿美元，长期几乎靠自己养自己。对于这次的合作，虽不足以撼动目前仍为苹果 代工的台积电，但至少证明英特尔仍具备服务大型客户的能耐。 有趣的是，苹果早前才刚和英特尔「分手」，转投自家设计、台积电代工，如今又传出以新模式「再续前缘」——苹果设计、英特尔制程。英特尔今年股价 累计已大涨115%，过去12个月也翻倍，市场情绪部分来自新任执行长陈立武上任后的改革动能。 前一天摘要 – 2025年12月2日，星期二 国际 周二，全球市场以同样谨慎的基调收盘，原本看似更广泛复苏的开始，如今更像是暂停而非令人信服的反弹。这种犹豫主要由收益率稳步到高企以及对避险 的倾向重新形成。不过，这次比赛明显出现了分歧。矿业和大宗商品相关股票表现优异，金属价格走强支撑，而主要工业和国防指数在公司压力下承受压 力。与此同时，亚洲市场对汇率波 ...

来源：@中国经营报微博 【美股三大指数集体收涨，英特尔涨超8%】#英特尔大涨8.65%# 当地时间12月2日，美股三大指数集体 收涨，道指涨0.39%，纳指涨0.59%，标普500指数涨0.25%，热门科技股涨跌不一，英特尔涨超8%，苹 果涨超1%，英伟达涨近1%，博通跌超1%。半导体设备与材料、加密储备概念涨幅居前，Strategy、康 特科技涨超5%，阿斯麦涨近2%，Coinbase涨超1%。黄金股、能源板块走低，美国能源跌超5%，金 田、黄金资源跌超3%，泛美白银、科尔黛伦矿业跌超2%，埃克森美孚、雪佛龙跌超1%。波音大涨超 10%，创4月份以来最大单日涨幅，公司预计明年将恢复现金流。（智通财经） 来源：@中国经营报微博 【美股三大指数集体收涨，英特尔涨超8%】#英特尔大涨8.65%# 当地时间12月2日，美股三大指数集体 收涨，道指涨0.39%，纳指涨0.59%，标普500指数涨0.25%，热门科技股涨跌不一，英特尔涨超8%，苹 果涨超1%，英伟达涨近1%，博通跌超1%。半导体设备与材料、加密储备概念涨幅居前，Strategy、康 特科技涨超5%，阿斯麦涨近2%，Coinbase涨超1%。黄金股、能源 ...

Core Insights - The article highlights the recent performance of semiconductor stocks in the U.S. market, particularly focusing on Intel's significant gains and its new AI server chip orders exceeding expectations [2] - It discusses the potential collaboration between Intel and Apple for the production of M-series chips, indicating a shift in market trust towards Intel's capabilities in chip manufacturing [4] Group 1: Market Performance - The Philadelphia Semiconductor Index rose by 1.83%, with Intel's stock increasing over 8%, reaching a new high for the year [2] - Intel's new AI server chip, "Xeon Max 2," has received orders that surpassed market expectations, leading to an upward revision of profit forecasts for its AI hardware business [2] Group 2: Intel's Strategic Developments - Analyst Ming-Chi Kuo suggests that Intel may start producing M-series chips for Apple's MacBook Air and iPad Pro as early as early 2027, which would signify a major vote of confidence in Intel's manufacturing capabilities [4] - Intel's third-party chip foundry business has struggled to attract clients, with last quarter's revenue at $4.2 billion, while its own product revenue was $12.7 billion [4] - The upcoming collaboration with Apple will utilize Intel's 18A-P process technology, which is expected to outperform the current 18A process [4] - Intel's stock has surged by 115% this year and 113% over the past 12 months, partly due to leadership changes and increased market confidence [4] - The U.S. government has become one of Intel's largest shareholders, holding approximately 10% of the company, which adds to the support Intel has received from major investors like Nvidia and SoftBank, totaling around $7 billion in investments [4]

当地时间12月2日，美国三大股指小幅收涨。美股市场芯片股多数上涨，费城半导体指数涨1.83%，其中英特尔涨超8%，并创出今年以来新高。 截至收盘，标普500指数涨0.25%，报6829.37点；纳斯达克综合指数涨0.59%，报23413.67点；道琼斯工业平均指数涨0.39%，报47474.46点。 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 47474.46 | 23413.67 | 6829.37 | | +185.13 +0.39% | +137.75 +0.59% | +16.74 +0.25% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7808.98 | 25603.75 | 6842.75 | | -51.39 -0.65% | +212.50 +0.84% | +16.00 +0.23% | 英特尔涨超8% 比特币反弹6%，推动概念股回暖，MSTR、BMNR等币圈股一同反弹。而被视为"特朗普概念股"的比特币矿商American Bitcoin大幅下跌，一度跌超50%， 并因为股价波动过大，多次 ...

Investment Rating - The report maintains a positive outlook on NVIDIA's market position and growth potential, particularly in the AI chip sector, despite competition from Google's TPU and other self-developed chips [1][2]. Core Insights - NVIDIA dominates the AI chip market with quarterly processor revenues exceeding $50 billion, significantly outpacing Google's TPU revenue of approximately $3 billion [1][2]. - Google and Amazon are expected to remain significant customers for NVIDIA, with Google's procurement projected to exceed $20 billion next year [1][3]. - Broadcom has enhanced its product offerings to support Google projects, reflecting a shift towards lower-cost self-developed chips, although this will have limited impact compared to Broadcom's over $30 billion in ASIC revenue [1][4]. - The TPU units are crucial for Google's cloud growth, with potential sales of 500,000 units possibly increasing earnings per share by $0.40 to $0.50 by 2027 [1][5]. - Alphabet's stock valuation is estimated to reach the high 20s, driven by growth in GPU and machine learning businesses, despite current valuations appearing high at 30 times earnings [1][6]. Summary by Sections NVIDIA and AI Chips - NVIDIA's quarterly processor revenue is over $50 billion, while Google's TPU revenue is around $3 billion, indicating NVIDIA's strong market advantage [1][2]. - New deals with companies like Anthropic are expected to further boost NVIDIA's revenue [1][2]. Google and Amazon's Procurement - Google is projected to increase its procurement of NVIDIA chips to over $20 billion next year, while TPU purchases are expected to grow significantly [1][3]. - Amazon is anticipated to ramp up its purchases from NVIDIA, despite focusing on its self-developed Trainium chips [1][3]. Broadcom's Strategy - Broadcom has revised its product construction to a higher level, supporting Google projects, which may affect existing Meta or OpenAI projects [1][4]. - The shift towards TPU-centric development is crucial for Broadcom to remain competitive [1][4]. Google Cloud and TPU - The TPU units are vital for Google Cloud Platform's growth, with potential sales impacting earnings per share positively [1][5]. - Monitoring TPU procurement and internal usage is essential for assessing Google's long-term growth [1][5]. AWS and Chip Strategy - AWS's future growth is linked to its chip strategy and market demand, with expectations of significant growth from NVIDIA in 2026 [1][8]. - Collaborations with companies like Anthropic may also enhance AWS's revenue potential [1][8]. Memory Market - Micron is favored due to strong demand and tight supply in the DRAM market, with profitability expected to exceed market consensus [1][9]. - The NAND market remains robust, with both Micron and SanDisk showing solid fundamentals [1][9]. AMD and Intel - AMD is gaining market share in the server space due to Intel's supply issues, with growth opportunities expected to continue [1][10]. - Intel faces challenges with its manufacturing processes, leading to skepticism about its competitive position [1][11]. Semiconductor Capital Expenditure - Semiconductor capital expenditures are constrained by strict capacity limitations, with TSMC increasing 3nm capacity [1][13]. - The demand for advanced packaging technologies presents new opportunities for companies like Micron and Applied Materials [1][13].

当地时间周二（12月2日），美国股市三大股指小幅收涨。 美股市场芯片股多数上涨，费城半导体指数涨1.83%，其中英特尔涨超8%，并创出今年以来新高。 美股三大股指小幅收涨 当地时间周二，美国股市三大股指小幅收涨，其中道琼斯工业指数涨0.39%，报47474.46点，标准普尔500指数涨0.25%，报6829.37点，纳斯达克指数涨 0.59%，报23413.67点。 道琼斯工业指数成份股中，波音股价大涨，收盘涨超10%。 美股市场大型科技股多数上涨，不过多数涨势温和。具体个股方面，苹果涨超1%，Meta、英伟达涨近1%，微软、谷歌、亚马逊均小幅上涨，特斯拉小幅 下跌。 能源股全线走低，埃克森美孚、雪佛龙、康菲石油均跌逾1%，西方石油、斯伦贝谢跌幅均不足1%。 美股市场航空股集体上涨，美联航涨超3%，美国航空涨逾2%，西南航空涨近2%，达美航空涨超1%。 中概股多数下跌，纳斯达克中国金龙指数跌0.65%。下跌个股方面，联掌门户重挫逾17%。小鹏汽车大跌，收盘跌近8%。 消息面上，12月2日，小鹏汽车与华为在华为松山湖园区联合举办下一代增程发电机媒体技术分享会。双方共同宣布，小鹏X9超级增程首发华为 DriveO ...